Failed CBL liquidators seek $60mn clawback from Irish subsidiary
The liquidators of failed New Zealand insurer CBL Corporation are seeking to recover Eur53.7mn ($59.6mn) from the company’s Irish subsidiary as shareholder legal action intensifies following the firm’s collapse in 2018.
HDI Global Specialty targets Eur2.1bn GWP by 2024
London-headquartered HDI Global Specialty has set its sights on generating Eur2.1bn of gross written premium by its fifth full year of trading, with the business aiming to take advantage of the disruption within the London Market and seeking further European expansion.
Liberty Insurance to exit Irish commercial liability market
Liberty Insurance, the Irish operating unit of Boston-based Liberty Mutual, is to cease writing commercial liability and commercial property business in the Republic of Ireland.
Chubb names Côté major accounts head in European leadership shake-up
Chubb has named Nadia Côté head of its major accounts division for Europe, succeeding Suresh Krishnan who has been appointed chief operating officer of Chubb North America accident and health (A&H).
Gossmann & Cie acquires Sovag as it looks to build Munich Re partnership
Hamburg-headquartered run-off specialist Gossmann & Cie has acquired German insurer Sovag as the firm looks to scale up its partnership with Munich Re through ExPro.
Coverys MGA platform makes first acquisition
Coverys European Holdings Limited (CEH), the professional lines MGA investment platform launched by Coverys Managing Agency earlier this week, has made its first acquisition in the form of Lloyd’s coverholder AEC SpA.
Generali closes pair of Portuguese acquisitions
Generali has completed its 100 percent acquisition of insurer Seguradoras Unidas and service company AdvanceCare in Portugal from US private equity fund Apollo Global, having received all relevant regulatory approval.
Coverys launches European MGA platform with former Generali duo
Medical professional liability insurer Coverys has unveiled an MGA – Coverys European Holdings (CEH) – appointing Steven Spano as CEO and Doug Robare as CUO to lead the investment platform.
Aston Lark names CEO and CFO in Ireland
Goldman Sachs-backed Aston Lark has named former Aviva Ireland executive Robert Kennedy as CEO and former AA financial controller Mark Nolan as chief financial officer of its growing business in Ireland.
AIG’s Browne leaves for Berkshire Hathaway Specialty
Hilary Browne has left her position as head of casualty, international at AIG to join Berkshire Hathaway Specialty Insurance (BHSI) as country manager for Ireland and head of casualty for the carrier’s UK and European platforms.
EMEA M&A business booming despite deal drop-off: Aon
While geopolitical volatility and trade uncertainty on both sides of the Atlantic has put a dampener on international M&A, with deal value falling 23 percent to $528.4bn in H1 2019, broking giant Aon is seeing “resilient” demand for this insurance in EMEA.
Former Zurich EMEA chief Hartigan takes helm at LV=
UK life insurer LV= has appointed former Zurich senior leader Mark Hartigan as CEO, to replace outgoing boss Richard Downey in the new year.
Flood Re issues broking tender for £10mn reinsurance contract
Guy Carpenter’s five year relationship with UK government-backed Flood Re could come to an end, with news that the carrier is putting the renewal of its flood reinsurance program out to tender.
Starr takes Swiss Re’s Nawrath to launch German aviation unit
Starr Insurance Companies has added Carsten Nawrath to its expanding aviation business, to lead the build out of a new operation in Munich, Germany.
Mapfre issues profit warning as pegs Japanese typhoons and Chile riots Eur140mn
Spanish (re)insurance giant Mapfre has warned investors it will have to revise its 2019-2021 strategic plan as it expects to suffer losses as high as Eur140mn ($156mn) stemming from Japanese typhoons Faxai and Hagibis as well as recent disturbances in Chile.
Low interest rates will dent French P&C insurers’ 2020 profitability: Moody’s
Moody’s has predicted French P&C insurers’ investment returns will decline by 20 to 40 basis points (bps) in the new year, reflecting a sharp fall in interest rates during the first nine months of 2019.
Aston Lark acquires Wright Insurance Brokers
Goldman Sachs-backed Aston Lark has acquired Irish commercial broker Wright Insurance Brokers.
European businesses brace for challenging 2020: CNA Hardy
Business leaders based in Europe have identified cyber, regulatory compliance and economic risks as the top three concerns for 2020, with almost three quarters surveyed by CNA Hardy predicting a moderate to high risk trading environment in the new year.
Markerstudy and QIC agree loan restructure terms
Markerstudy has announced it is “business as usual” as the motor intermediary and parent Qatar Insurance Company agree repayment terms on a loan that rating agency S&P raised concerns over earlier this week.
Cooper Gay France acquires TMK Europe
Cooper Gay France (CGF), the only Ed Broking arm to retain its predecessor brand, has agreed to acquire Tokio Marine Kiln Europe, TMK’s Belgium-headquartered service company.